Bitcoin Cash Analysis: Fresh Increase Possible Above This Resistance

Bitcoin Cash Price Analysis

Bitcoin Cash Analysis: Fresh Increase Possible Above This Resistance

Bitcoin cash gained pace above the $105 and $108 resistance levels against the US Dollar.
The price is now trading above the $110 zone and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $110 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $112 and $114 to continue higher in the near term.

Bitcoin cash price is climbing above $110 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $114 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $100 level. BCH started a recovery wave and was able to clear the $105 resistance zone.
The price climbed above the $107 and $108 resistance levels. Recently, there was a break above a major bearish trend line with resistance near $110 on the 4-hours chart of the BCH/USD pair. The pair is now trading above the $110 zone and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $112 level. It is close to the 50% Fib retracement level of the downward move from the $117 swing high to $107 low.
The next major resistance is near the $114 level or the 61.8% Fib retracement level of the downward move from the $117 swing high to $107 low, above which the price may perhaps rise towards the $120 level. Any more gains above $120 and $122 could set the pace for a move towards the $135 level in the coming days.
An immediate support on the downside is near the $110 level and the 55 simple moving average (4-hours). The first major support sits near the $107 level. The next major support is near $100, below which the bears might aim $95. The next target for them may perhaps be near the $88 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading above the $110 zone and the 55 simple moving average (4-hours). Overall, the price must clear $112 and $114 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $110 and $107.
Key Resistance Levels – $112 and $114.

Tags: BCH, Bitcoin Cash

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